Kanabo, an Israeli medicinal cannabis company, is expecting to become the first cannabis firm to list on the London Stock Exchange.
On the condition that all FCA (Financial Conduct Authority) requirements are met, the company is expecting the IPO (initial public offering) to take place in February this year.
The company finished a two-week virtual roadshow [a series of presentations made to investors ahead of an IPO] on Friday.
Speaking to Cannabis Health, founder and CEO, Avihu Tamir revealed that the it had an over-subscription almost 300 percent higher than its £3.2 million target.
“Everyone was telling me ‘it’s not the US, it’s not Canada, people don’t understand cannabis here. British people are more cautious, more conservative, it will be more challenging’,” Tamir said.
“Perhaps the questions that were asked were different than the questions that you would be asked when meeting US investors – maybe the knowledge base was a bit lower, but other than that interest and the understanding of the potential of the market was totally there.
“Now, what we’re doing this week is sending emails to people to say sorry, but they can only invest half of what they were planning to.”
Kanabo, based in Tel Aviv, has developed the world’s first medicinal cannabis vapourising device, which delivers a metered dose of cannabis extract.
Smoking cannabis flower is a popular administration method for those suffering with chronic pain, however it gives a different dose on every inhale which prevents medical professionals from accepting smoking as a medicinal delivery method.
Kanabo’s VapePod, which can deliver a metered dose has already had initial sales in a pilot in the UK and Germany. They are expecting that the CE mark for the second generation medical device will be given in the first or second quarter of this year.
In Israel, approvals for the device are in the final stages. The vapourising device, which ensures the controlled application of cannabis-based medicines, is approved for use in hospitals and the company has recently embarked on a clinical trial to demonstrate bioavailability and safety.
Up until recently, regulations surrounding the public listing of cannabis firms has been unclear. However, since the FCA released a set of rules in September 2020, cannabis companies were quick to set things in motion.
MGC Pharmaceuticals, which develops and produces phytocannabinoid medications, and Emmac, one of Europe’s largest cannabis firms, are also in the race to list on the stock market in 2021.
Tamir is confident, however, that Kanabo will be the first to hit the milestone.
“It’s more than reasonable that we will be the first, but I do hope we won’t be the only ones,” Tamir said.
“Part of pushing the industry forward is having more and I hope others, like MGC and Emmac, will join very soon.
“Once they [other companies] see the listing, they will start approaching the LSE. Suddenly the UK is a relevant market.
“There is a process of usually six months for doing the listing and the prospectus, so the next peak of companies coming into the LSE will probably be in six months to eight months’ time.”
Tamir believes the IPO (initial public offering) will be a “game changer” for the cannabis industry, which is predicted to be worth billions in Europe by the end of the decade.
“Once you have the public market in a certain country being opened up, you suddenly see the shift in how the cannabis industry is being perceived by decision makers,” Tamir added.
“Once you start to see these [cannabis] companies going to a public market, everything changes and the discussion is different; suddenly […] it’s a legitimate business, it is not a drug anymore. It is a medicine.
“We all know that alcohol and tobacco are not healthy, but they’re totally legitimised because it’s a business. And that’s the change; its the shift in the mindset of decision making. If they think of it as a public company, it’s respectable, it’s something real.”
Provacan brings high-strength, 72% CBD to UK
The science-led brand is bringing the latest cannabis technology to the UK with two high potency CBD formulas.
Provacan, the CBD brand from cannabis research company CiiTECH, has introduced the two 72 percent products as part of its popular VapePod range developed in partnership with Kanabo.
The Provacan range of VapePod compatible pre-filled pods have grown to become one of the company’s most popular vape products.
The VapePod device was developed by Israel-based Kanabo Group and provides users with a certified, safe and effective vaporisation system with innovative metered dosing with high bioavailability.
Vaporisation of CBD improves the rate of absorption when compared to other means such as ingestion.
The device optimises efficiency while delivering CBD formulas more safely and simply. It can only be used with compatible pre-filled cartridges, such as Provacan’s Day and Night pre-filled pods.
Kanabo recently became the second cannabis company to list on the London stock exchange.
This is a revolutionary step for the VapePod entering the medical cannabis scene in the UK and is vital for patients for whom this delivery method will replace the smoking of cannabis flowers.
Avihu Tamir, CEO at Kanabo, said: “We are pleased to have CiiTECH as a partner in the UK for developing pure innovative hemp formulas. The unique formulas are coupled with the VapePod platform which give consumers great satisfaction in knowing that they’re getting the most out of their CBD.”
Building on the popularity of the 55 percent CBD VapePod range, Provacan has worked with Kanabo Research to launch two new higher strength vape formulas for its customers.
The all-new Night Terpene and Day Terpene CBD VapePod formulations contain 72 percent CBD together with other minor cannabinoids and a potent mix of terpenes.
Terpenes are widely used and can be found in essential oils and aromatherapy.
Additionally, the all natural pods are free from traces of pesticides, heavy metals and solvents and don’t containing PG, VC, MCT, nicotine or vitamin E.
Provacan is part of the growing portfolio of brands by leading British cannabis company CiiTECH Ltd, with R&D management based in Israel.
Founded by Clifton Flack in 2017, Provacan is the flagship brand within the portfolio and focuses on bringing the latest cannabis technology to its loyal consumers in the UK and across the world.
Partnerships with international medical cannabis research companies fuel CiiTECH’s product development and provide brands like Provacan with forward thinking industry knowledge and the ability to create highly respected science-backed CBD products for sale in the UK today.
Eli Whiteman, CiiTECH’s VP business development, said: “Our partnership with Kanabo goes back a long way and beyond technological innovation. Our main priority is to strive to ensure our customers have access to a superior combination of bioavailability, unique delivery systems and consistent CBD products that they can rely on.
“We achieve this by channelling consumer demands into product development and by partnering with like minded medical cannabis companies that do the same.”
The new Night Terpene CBD and Day Terpene CBD VapePods are available from Provacan now, retailing at £49.99 each. To find out more information about the products, visit https://provacan.co.uk/vapes/.
Dragonfly expansion to deliver over 1,000kg of CBD per month
Dragonfly Biosciences is expanding its CBD extraction capability, to enable the large scale delivery of over 1,000kg of CBD per month.
The manufacturers of Dragonfly CBD oil has acquired full ownership of Premium Extraction Services Limited – a large scale state of the art ethanol extraction facility.
As a result Dragonfly Biosciences will be able to offer the large-scale delivery of over 1000kg of CBD per month, in comparison to other extraction facilities which can deliver on average around 50kg per month.
Dragonfly CBD can currently be found at a variety of stockists on the UK high street including Boots, Tesco, Sainsbury’s, as well as in pharmacies.
The expansion will enable the firm to deliver bespoke CBD distillate and CBD isolate in significant quantities, adding to its expanding portfolio.
Chief executive, Regan Saveall, described the move as a “significant step forward” for the company in delivering “first-class” CBD.
“The acquisition of the Premium Extraction Services Company is a significant step forward for Dragonfly Biosciences and importantly our range of CBD products,” he commented.
“We are committed to innovation and investment, and already have our own vertical integrated supply chain, which allows us to provide high-quality CBD products, all of which are compliant with all regulatory status.
“The extraction facility will enable us to control and produce even more first-class CBD on a much larger scale. This will support the demand for our current products and allow us to explore different types of CBD offerings. There are only a handful of large-scale fully permitted facilities in the EU, so this is really exciting for us.
“By investing as a company, we can ensure our CBD brand is as always safe, legal and best in class when it comes to quality and consumer transparency. “
The Dragonfly Bioscience extraction plant is based in Romania close to the Bulgarian border and fields where Dragonfly Bioscience has 650 hectares of organically certified land.
The extraction facility is built to EU-GMP standard with full accreditation status in progress.
Cannabliss to open brick and mortar dispensary
UK-based medical cannabis group, Cannabliss aims to help patients transition from the illicit market into the legal cannabis space.
Following a long, “drawn-out” application process, Cannabliss has secured a pharmacy licence for dispensing medical cannabis through its online platform.
Now, after handing out its first private prescription this month, the company has announced it will be opening a brick and mortar site in Preston in April 2021.
Set to open on 12 April, the store will sell legal, over-the-counter cannabis-based products and also offer advice and guidance to people who are seeking to secure a medical cannabis prescription.
Cannabliss was founded by Michael Dobson, who was involved in a legal battle for several years over the legality of cultivating cannabis plants. In a saga that climaxed with him taking the then Home Secretary, Amber Rudd to court, he fought for a judicial review of cannabis legislation.
Having spent many years involved with the illicit cannabis market, including a period behind bars for growing several of his own plants, Dobson is now on a mission to widen access to legal medical cannabis.
“The vast majority of people have very little understanding of the legal cannabis market,” he tells Cannabis Health.
“What we’re doing is effectively creating a concierge service in which we help guide [people] through the process of becoming a legalised cannabis patient.”
Cannabliss says it aims to build trust with its customers and establish itself as a “go-to” place for trusted information about the medical cannabis landscape.
Dobson explains: “Customers have the opportunity to have a face-to-face conversation with somebody who specialises in this particular area, rather than it just being a vape shop or health food store that has added cannabis products to its already existing range.
“If we do have somebody coming in and asking about the process of getting access to medical cannabis, we can explain that to them.”
Currently, in the UK, there are qualifying conditions that must be met before being considered for cannabis-based treatment.
Although an estimated 1.4 million people consume cannabis for medicinal purposes, very few can access it via a prescription.
Dobson believes that there is a “great deal” of people that could meet the criteria for a medical cannabis prescription but have never considered it due to the cost and exclusivity of private healthcare.
He says Cannabliss will provide support to its customers if they choose to go through the official process.
“Even though the prices have dropped significantly over the past few years, we still think there’s going to be a hurdle to overcome in terms of breaking down that barrier; that stigma that is there for a lot of people,” he says.
The company is already putting plans in motion to expand into a franchise with two provisional stores set to open this summer in Leicester and Essex.
As part of this franchising effort, Cannabliss aims to provide opportunities for people who may have previously been involved with the illicit cannabis market.
Dobson believes that it is “morally right” to give people the chance to enter the burgeoning legal market.
“I always wanted to include as many people as possible within what we’re doing, and support people that have been in a similar position to myself,” Dobson adds.
“We will not discriminate on somebody because they maybe have a criminal history like myself.
“In actual fact, these people are actually the best people to have running our franchises because they’re so knowledgeable.”
Dobson also believes that this approach could help reduce the influence and scale of the illegal market.
“By removing people from the illegal market and bringing them into the legal market, you’re getting rid of the black market rather than putting something in place that’s in competition with it,” he says.
Looking ahead, Dobson says the company is feeling “very positive”. It has formed partnerships with suppliers in the UK and Europe, including a distribution agreement with Canopy Growth Corporation subsidiary, Storz and Bickel, for its range of medical-grade vaporisers.
“It’s going very well and we’re anticipating a lot of interest,” Dobson adds.
“Feedback that I’m getting from different people [in the sector] is that a lot of people are interested in what we’re doing, how we’ve got to where we’ve got to and, in particular, my backstory and how that fed into the whole ethos of what we’re trying to do.
“I feel very strongly that the UK is going to become a world leader in the legalised cannabis space over the next few years and I’m looking forward to playing my own small part in that.”
- Provacan brings high-strength, 72% CBD to UK
- Integro Medical Clinics: How cannabis can help manage migraine pain
- Study: Is CBD the future of chronic bladder pain treatment?
- What are CBD patches and do they work?
- Is it safe to take CBD with other medication?
- “It’s time to celebrate her legacy”: Charlotte Figi to be remembered with tribute concert
News8 months ago
NHS lines up cannabis medicine manufacturing
News3 months ago
Community extends support to cannabis icon Rick Simpson
Case Studies12 months ago
CBD oil and fibromyalgia – a case study
Feature8 months ago
Medical cannabis could help long-term effects of COVID-19, says David Nutt
Insight5 months ago
I’ve gone from a wheelchair to walking thanks to cannabis
News5 months ago
“I’m not a bad person” – chronically ill woman convicted of growing medical cannabis
News5 months ago
Cancer survivor claims cannabis oil helped her beat brain tumour
Industry7 days ago
Cannabliss to open brick and mortar dispensary